Boca Ciega Bay View
For Sale
$399,500
Pending
6060 SHORE S BOULEVARD 702, Gulfport, FL 33707
Condo with open water views and community amenities.
Property Size1,255 SF
Lot Size2.50 Acres
Days on Market590
Property Features for 6060 SHORE S BOULEVARD 702
General Information
Standard status
Pending
Size
1,255 SF
Lot size
2.50 Acres
Property subtype
Condo/Townhome
Taxes and HOA fees
Annual Taxes
$6,316
Building Details
Year Built
1981
Listing Agency:
LUXURY & BEACH REALTY INC
(727) 204-6767
Listed By:
Sally Wilkinson · License #3050463
(727) 204-6767
Source:
Exitrealty
Added: Dec 28, 2024
Changed: Aug 8
Last Checked: Aug 8 at 6:17AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of LUXURY & BEACH REALTY INC
Investment Insights
Based on property information with market context.
This residential income property offers open water views from a private balcony overlooking Boca Ciega Bay. The location provides views of the Don Ce Sar on St Pete Beach to the West, and Isla del Sol to the South, including the Bayway Bridge and intracoastal boat traffic. The property is situated within the Town Shores community, which features 4 heated pools, tennis, pickleball, bocce, and shuffleboard courts, as well as a marina and clubhouse. The condo is within walking distance of downtown Gulfport's restaurants and shops, and approximately 12 minutes from downtown St Pete's museums and restaurants. The unit includes two bedrooms with spacious closets, two bathrooms, and a bonus room off the entry that connects to the kitchen, suitable for an office, exercise area, or reading space. The property also features electric storm shutters. Located approximately 15 minutes from the barrier islands and Gulf beaches, and 25 minutes from Ft. DeSoto park, with ferry access to Egmont Island.
Key Highlights
- Open water views of Boca Ciega Bay, including the Don CeSar and Isla del Sol.
- Full‑service community with 4 heated pools, tennis, pickleball, bocce, shuffleboard, marina, and clubhouse.
- Walking distance to downtown Gulfport's restaurants and shops.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$11,542
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
2.89%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$230,840
$230.8K
Cap Rate 7%
$164,886
$164.9K
Cap Rate 9%
$128,244
$128.2K
Market Conditions
NOI Build-Up for 1,255 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$22.6K $18.00/SF
− Vacancy
−$1.6K −$1.28/SF
EGI
$21.0K $16.72/SF
− OpEx
−$9.4K −$7.52/SF
NOI
$11.5K $9.20/SF
Area
Pinellas County, FL
Vacancy
7.10%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$230,840
Cap Rate 7%
$164,886
Cap Rate 9%
$128,244
Alternative Uses
Best Use
Apartment 5plus
$164.9K
$144.3K – $192.4K
NOI $11,542 @ 7.0% cap · market cap 2.89%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$326.4K
$285.6K – $380.8K
NOI $22,850 @ 7.0% cap · market cap 5.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
345
Businesses Nearby
Explore this area
Business Placement
Demographics for 33707, FL
24,646
Population
16,579
Households
1.5
Avg Household Size
58
Median Age
40%
College-Educated
95%
High-School Grad
5.3 sq mi
ZIP Area
4,650
Density / Sq Mi
$68,560
Median Household Income
$45,513
Median Earnings
$1,512
Median Rent
$344,600
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Condo with open water views and community amenities.
Where is this residential income property located?
The property is located at 6060 SHORE S BOULEVARD 702 Gulfport, FL.
What is the asking price?
The asking price for this property is $399,500.
What are key features of this property?
This property features: Open water views of Boca Ciega Bay, including the Don CeSar and Isla del Sol.; Full‑service community with 4 heated pools, tennis, pickleball, bocce, shuffleboard, marina, and clubhouse.; Walking distance to downtown Gulfport's restaurants and shops.
